When you’re strapped for cash with nowhere to turn, taking out a payday loan may seem like a great quick fix option. But what most people don’t realize is that pay loans are usually the beginning to a vicious cycle of “catch up”. The borrower usually takes out a certain amount of money and in return they have to forfeit that portion of their paycheck. Because the borrower is already strapped for cash to begin with, they end up needing to take out another loan just to cover the amount they just lost.
Before ever taking out a payday loan, here are 4 things about them that you need to know: